Maybank Islamic's Assets Under Custody Grow To US$2.07 Bln

KUALA LUMPUR, Dec 17 (Bernama) -- Maybank Islamic Bhd, which earlier this year launched its Islamic custody services, has so far secured major mandates valued at US$2.07 billion (RM9 billion). More clients are expected to come on board by end of this year, which will bring the assets under custody to RM13 billion, its Deputy Chief Executive Officer and Head of Product Management Nor Shahrizan Sulaiman said. He said assets under management of Malaysia’s leading institutional investors, government-linked companies and sovereign wealth funds were valued at about RM1.4 trillion. "This gives an enormous opportunity for Islamic custody services providers, such as Maybank Islamic, to tap on for the benefit of Syariah-conscious clients in Malaysia and abroad," he said in a statement. Maybank Islamic is the Islamic banking arm of the Maybank Group. Nor Shahrizan said Islamic custody services offered a comprehensive and complete range of custody services in accordance with Syariah principles. "Global Islamic fund and wealth management services are on the rise, underpinned by strong demand from Muslim as well as non-Muslim investors. This has no doubt become the pivotal factor in the growth of the industry," he said. Shahrizan said Maybank Islamic’s custody services also provided value-added services such as Islamic performance measurement and attributes, and compliance monitoring for both domestic and global funds’ portfolios. (US$1 = RM4.32) -- BERNAMA